Common use of Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries Clause in Contracts

Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries. The Company (1) shall not, and shall not permit any Restricted Subsidiary to, sell, lease, transfer or otherwise dispose of any Capital Stock of any Restricted Subsidiary to any Person (other than to the Company or a Wholly Owned Subsidiary), and (2) shall not permit any Restricted Subsidiary to issue any of its Capital Stock (other than, if necessary, shares of its Capital Stock constituting directors' or other legally required qualifying shares) to any Person (other than the Company or a Wholly Owned Subsidiary) unless (A) immediately after giving effect to such issuance, sale or other disposition, neither the Company nor any of its Subsidiaries owns any Capital Stock of such Restricted Subsidiary or (B) immediately after giving effect to such issuance, sale or other disposition, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person (other than in the case of an Exempt Subsidiary) remaining after giving effect thereto is treated as a new Investment by the Company and such Investment would have been permitted to be made under Section 4.04 if made on the date of such issuance, sale or other disposition.

Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries. The Company (1) shall not, and shall not permit any Restricted Subsidiary to, sell, lease, transfer or otherwise dispose of any Capital Stock of any Restricted Subsidiary to any Person (other than to the Company Company, CB Richard or a Wholly Owned Subsidiary), and (2) shall not permit any Restricted pexxxx xxx Xestricted Subsidiary to issue any of its Capital Stock (other than, if necessary, shares of its Capital Stock constituting directors' or other legally required qualifying shares) to any Person (other than the Company Company, CB Richard or a Wholly Owned Subsidiary) unless (A) immediately after giving immediatelx xxxxx xxving effect to such issuance, sale or other disposition, neither the Company nor any of its Subsidiaries owns any Capital Stock of such Restricted Subsidiary or (B) immediately after giving effect to such issuance, sale or other disposition, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person (other than in the case of an Exempt Subsidiary) remaining after giving effect thereto is treated as a new Investment by the Company and such Investment would have been permitted to be made under Section 4.04 4.4 if made on the date of such issuance, sale or other disposition.

Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries. The Company (1) shall notnot sell or otherwise dispose of any shares of Capital Stock of a Restricted Subsidiary, and shall not permit any Restricted Subsidiary toSubsidiary, selldirectly or indirectly, lease, transfer to issue or sell or otherwise dispose of any shares of its Capital Stock of any Restricted Subsidiary to any Person except: (other than i) to the Company or a Wholly Owned Subsidiary), and (2) shall not permit Subsidiary or to any director of a Restricted Subsidiary to issue any of its Capital Stock (other than, if necessary, shares of its Capital Stock constituting directors' or other legally the extent required as director's qualifying shares; (ii) to any Person (other than the Company or a Wholly Owned Subsidiary) unless (A) if, immediately after giving effect to such issuance, sale or other disposition, neither the Company nor any of its Subsidiaries owns own any Capital Stock of such Restricted Subsidiary or (Biii) if, immediately after giving effect to such issuance, sale issuance or other dispositionsale, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person (other than in the case of an Exempt Subsidiary) remaining after giving effect thereto is treated as a new Investment by the Company and such Investment would have been permitted to be made under Section 4.04 if made on the date of such issuance, sale or other disposition. The provisions of this Section 4.11 shall not prohibit any transaction effected as part of a Qualified Receivables Transaction. The proceeds of any sale of such Capital Stock permitted hereby shall be treated as Net Available Cash from an Asset Disposition and shall be applied in accordance with Section 4.06.

Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries. The Company (1a) shall not, and shall not permit any Restricted Subsidiary to, sell, lease, transfer or otherwise dispose of any Capital Stock of any Restricted Subsidiary that is a Subsidiary as of the Issue Date (or any successor in interest thereto) to any Person (other than to the Company or a Wholly Owned Subsidiary), ) and (2b) shall not permit any Restricted Subsidiary that is a Subsidiary as of the Issue Date (or any successor in interest thereto) to issue any of its Capital Stock (other than, if necessary, shares of its Capital Stock constituting directors' or other legally required qualifying shares) to any Person (other than to the Company or a Wholly Owned Subsidiary) ), unless (Ai) immediately after giving effect to such issuance, sale or other disposition, neither the Company nor any of its Subsidiaries owns own any Capital Stock of such Restricted Subsidiary or (Bii) immediately after giving effect to such issuance, sale or other disposition, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person (other than in the case of an Exempt Subsidiary) remaining after giving effect thereto is treated as a new Investment by the Company and such Investment would have been be permitted to be made under Section 4.04 if made on the date of such issuance, sale or other disposition.

Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries. The Company (1) shall not, and shall not permit any Restricted Subsidiary to, sell, lease, transfer or otherwise dispose of any Capital Stock of any Restricted Subsidiary to any Person (other than to the Company or a Wholly Owned Subsidiary), and (2) shall not permit any Restricted Subsidiary to issue any of its Capital Stock (other than, if necessary, shares of its Capital Stock constituting directors' or other legally required qualifying shares) to any Person (other than to the Company or a Wholly Owned Subsidiary) unless (A) immediately after giving effect to such issuance, sale or other disposition, neither the Company nor any of its Subsidiaries owns own any Capital Stock of such Restricted Subsidiary or (B) immediately after giving effect to such issuance, sale or other disposition, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person (other than in the case of an Exempt Subsidiary) remaining after giving effect thereto is treated as a new Investment by the Company and such Investment would not have been permitted to be made under prohibited by Section 4.04 if made on the date of such issuance, sale or other disposition.

Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries. The Company (1) shall not, and shall not permit any Restricted Subsidiary to, sell, lease, transfer or otherwise dispose of any Capital Stock of any Restricted Subsidiary to any Person (other than to the Company or Company, CB Rxxxxxx xx a Wholly Owned Subsidiary), and (2) shall not permit any Restricted Subsidiary to issue any of its Capital Stock (other than, if necessary, shares of its Capital Stock constituting directors' or other legally required qualifying shares) to any Person (other than the Company or Company, CB Rxxxxxx xx a Wholly Owned Subsidiary) unless (A) immediately after giving effect to such issuance, sale or other disposition, neither the Company nor any of its Subsidiaries owns any Capital Stock of such Restricted Subsidiary or (B) immediately after giving effect to such issuance, sale or other disposition, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person (other than in the case of an Exempt Subsidiary) remaining after giving effect thereto is treated as a new Investment by the Company and such Investment would have been permitted to be made under Section 4.04 if made on the date of such issuance, sale or other disposition.

Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries. The Company (1) shall not, and shall not permit any Restricted Subsidiary to, sell, lease, transfer sell or otherwise dispose of any Capital Stock of a Restricted Subsidiary, and shall not permit any Restricted Subsidiary Subsidiary, directly or indirectly, to issue or sell or otherwise dispose of any Person of its Capital Stock except (other than i) to the Company or a Wholly Owned Subsidiary), and (2ii) shall not permit any Restricted Subsidiary to issue any of its Capital Stock (other thanif, if necessary, shares of its Capital Stock constituting directors' or other legally required qualifying shares) to any Person (other than the Company or a Wholly Owned Subsidiary) unless (A) immediately after giving effect to such issuance, sale or other disposition, neither the Company nor any of its Subsidiaries owns own any Capital Stock of such Restricted Subsidiary or Subsidiary, (Biii) if, immediately after giving effect to such issuance, sale or other disposition, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person (other than in the case of an Exempt Subsidiary) remaining after giving effect thereto is treated as a new Investment by the Company and such Investment would have been permitted to be made under pursuant to Section 4.04 if made on the date of such issuance, sale or other dispositiondisposition or (iv) to the holders of the Warrants to the extent required by the terms of the Warrants in effect on the Issue Date.

Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries. The Company (1) shall not, and Issuer shall not permit any Restricted Subsidiary to, sell, lease, transfer sell or otherwise dispose of any Capital Stock of any a Restricted Subsidiary to any Person (other than to the Company or a Wholly Owned Subsidiary), and (2) shall not permit any such Restricted Subsidiary Subsidiary, directly or indirectly, to issue or sell or otherwise dispose of any of its Capital Stock except (other than, if necessary, shares of its Capital Stock constituting directors' or other legally required qualifying sharesi) to any Person (other than the Company Issuer or a Wholly Owned Restricted Subsidiary, (ii) unless (A) if, immediately after giving effect to such issuance, sale or other disposition, neither the Company Issuer nor any of its Subsidiaries owns own any Capital Stock of such Restricted Subsidiary Subsidiary, (iii) directors' qualifying shares or (Biv) other than with respect to shares of Capital Stock of a Restricted Subsidiary which owns a Mortgaged Rig, if, immediately after giving effect to such issuance, sale or other disposition, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person (other than in the case of an Exempt Subsidiary) remaining after giving effect thereto is treated as a new Investment by the Company and such Investment would have been permitted to be made under the covenant described under Section 4.04 4.11 if made on the date of such issuance, sale or other disposition.